Slide 1: Simplifying, connecting and advancing in a dynamic world
Simplifying, connecting and advancing in a dynamic world Q2 & HY 2025 results The Hague – 4 August 2025 1
Slide 2: Additional information
Additional information known and unknown risks, uncertainties and other Use of non-GAAP information factors that are outside of our control and Additional information is available at In presenting and discussing the PostNL Group impossible to predict and may cause actual www.postnl.nl. Elements of t
Slide 3: Key messages Q2 & HY 2025
Key messages Q2 & HY 2025
Slide 4: Key takeaways for Q2 2025
Key takeaways for Q2 2025 Highlights Mail in the Netherlands • Parcels revenue up 2.8%, with volume growth of 2.2% and • Proposal on USO would result in loss-making USO till at least 2029 further client concentration • Further legal steps not ruled out • Mail volume down -8.3%, mainly due to some po
Slide 5: Q2 & HY 2025 performance
Q2 & HY 2025 performance Normalised EBIT at €11m Key financial metrics Non-financial highlights • 33% share of emission-free last-mile delivery (in € million) Q2 2024 Q2 2025 HY 2024 HY 2025 (Q2 2024: 27%) Revenue 795 807 1,560 1,589 • Opening new sorting and distribution location Normalised EBIT 18
Slide 6: Mail in the Netherlands
Mail in the Netherlands
Slide 7: Insufficient progress towards future-proof postal service
Insufficient progress towards future-proof postal service Ongoing uncertainty on timing potential adjustments USO following political process USO proposal minister 30 June Application for financial Action plan PostNL 2025 is economically unviable contribution rejected • D+2 to start in July 2026, wi
Slide 8: Current proposal unsustainable
Current proposal unsustainable PostNL remains committed to accessible and financially viable postal service Projected normalised EBIT Mail in the Netherlands* Sensitivities in €m, indicative • Political steps in transition process can result in further delays Cover cost of 3 capital (Feb 2025) • Spe
Slide 9: Financial performance Q2 & HY 2025
Financial performance Q2 & HY 2025
Slide 10: Parcels: Volume growth but increasing client concentration
Parcels: Volume growth but increasing client concentration Proven efficiency of network during busy pre-summer peak period Revenue Normalised Volumes Revenue mix EBIT in € million Q2 2024 Q2 2025 Q2 2025 €604m €13m 94m +2.2% Parcels NL and BE 388 399 Q2 2024 €587m €18m 92m Spring 145 159 Logistics s
Slide 11: Parcels normalised EBIT bridge
Parcels normalised EBIT bridge (in € million) Normalised EBIT Q2 2024 18 Revenue - volume 9 2.2% volume growth Unfavourable product and customer mix (within and between domestic and Revenue - mix (10) international volumes) Volume-dependent costs (5) Wage increases PostNL and sector CLA, indexation
Slide 12: Mail Netherlands: Result supported by incidental effects
Mail Netherlands: Result supported by incidental effects Step-down of €4m, continued to be loss-making Revenue Normalised Volumes Indicative volume split bulk mail* EBIT 17% 7% Q2 2025 €311m €(2)m 371m -8.3% 9% Q2 2024 €318m €2m 404m Q2 Q2 2024 2025 24-hour Non-24-hour including standard delivery D+
Slide 13: Mail in the Netherlands normalised EBIT bridge
Mail in the Netherlands normalised EBIT bridge (in € million) Normalised EBIT Q2 2024 2 Revenue - volume (18) 8.3% volume decline Revenue - mix Volume-dependent costs 3 Organic costs (6) Wage increases and other inflationary pressures Revenue - price 10 Regular tariff increases Cost savings (€10m) a
Slide 14: Free cash flow
Free cash flow Q2 2024 Q2 2025 (in € million) Normalised EBIT 18 11 Depreciation & amortisation 47 47 Capex (24) (23) FY assumption: above last year (FY 2024: €99m) Lease payments and related cash flow (19) (19) Change in working capital (44) (49) Includes phasing effects within the year Includes in
Slide 15: Financial position
Financial position Impacted by €40m impairment and placement of €100m Schuldschein Balance sheet Adjusted net debt (in € million) 31 Dec 2024 28 Jun 2025 (in € million) 31 Dec 2024 28 Jun 2025 Intangible fixed assets 414 369 Short- and long-term debt 674 774 Property, plant and equipment 467 453 Lon
Slide 16: Sequential development normalised EBIT in 2025
Sequential development normalised EBIT in 2025 Normalised EBIT skewed to Q4 Phasing cost savings Indicative only, in € million Indicative only, in € million 62 19 2024 Parcels 18 11 14 Outlook 2025 Mail in the Netherlands (9) Q1 Q2 Q3 Q4 (15) (18) Q1 Q2 Q3 Q4 Overall Assumed cost savings • Working d
Slide 17: Outlook 2025 reiterated
Outlook 2025 reiterated Intention to pay dividend over 2025 (in € million) 2024 2025 outlook • No distribution of interim dividend due to ongoing Normalised EBIT 53 in line with 2024 uncertainty about progress towards future-proof postal service Free cash flow 12 (10) - (50) • Hold on to our aim to
Slide 18: Capital markets day
Capital markets day Save the date: 17 September 2025 Preliminary agenda • Introduction new strategy and provide medium-term financial guidance • Key areas to be discussed: • Yield management to enhance customer value in e-commerce • Accelerate Out-of-Home strategy • Capture international growth via
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix 1. Results per segment Q2 2025 & HY 2025 2. Reconciliation Parcels and Mail in the Netherlands following switch of real estate 3. Revenue mix Parcels 4. Full reconciliation of income statement and EBITDA per segment 5. Free cash flow per segment HY 2025 6. Result development (bridge) per se
Slide 21: Results per segment Q2 2025 & HY 2025
Results per segment Q2 2025 & HY 2025 (in € million) Revenue Normalised EBIT Margin Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Parcels 587 604 18 13 3.1% 2.1% Mail in the Netherlands 318 311 2 (2) 0.6% (0.8)% PostNL Other 58 61 (2) 0 Intercompany (168) (168) PostNL 795 807 18 11 2.2% 1.3% HY 20
Slide 22: Reconciliation
Reconciliation (in € million) Revenue Q1 2024 Q1 2024* Q2 2024 Q2 2024* Q3 2024 Q3 2024* Q4 2024 Q4 2024* FY 2024 FY 2024* Parcels 555 561 581 587 569 575 664 670 2,370 2,393 Mail in the Netherlands 324 318 324 318 295 289 395 388 1,338 1,313 PostNL Other 63 63 58 58 57 57 62 62 240 240 Other / inte
Slide 23: Revenue mix Parcels
Revenue mix Parcels (in € million) 2025 Q1 2024* Q1 2025 Q2 2024* Q2 2025 Q3 2024* Q3 2025 Q4 2024* Q4 2025 FY 2024* FY 2025 Parcels NL and BE 370 380 388 399 371 445 1,574 Spring 134 147 145 159 141 165 585 Logistics solutions and other services 70 69 72 65 66 73 281 Other / intercompany (13) (15)
Slide 24: Full reconciliation of income statement and EBITDA HY 2025
Full reconciliation of income statement and EBITDA HY 2025 Mail in the (in € million) PostNL Parcels PostNL Other Eliminations Netherlands Income statement HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Total operating revenue 1,560 1,589 1,148 1,184 636 620 121 122
Slide 25: Free cash flow per segment HY 2025
Free cash flow per segment HY 2025 Mail in the PostNL Other & (in € million) PostNL Parcels Netherlands Eliminations HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 EBITDA 87 93 (10) 24 33 70 70 (7) Change in pensions 0 - - (0) (0) 0 0 0 Change in provisions 14 15 (0) (1) (1) (3) 1 (
Slide 26: Parcels HY 2025 normalised EBIT bridge
Parcels HY 2025 normalised EBIT bridge (in € million) Normalised EBIT HY 2024 23 Revenue - volume 16 2.1% volume growth Unfavourable product and customer mix effects, both in domestic and international Revenue - mix (23) volumes Volume-dependent costs (8) Wage increases PostNL CLA, sector CLA, index
Slide 27: Netherlands HY 2025 normalised EBIT bridge
Mail in the Netherlands HY 2025 normalised EBIT bridge (in € million) Normalised EBIT HY 2024 (6) Revenue - volume (32) 7.6% volume decline Revenue - mix (3) Related to further shift to non-24-hour mail and other mix effects Volume-dependent costs 5 Organic costs (15) Wage increases and other inflat
Slide 28: Free cash flow HY 2025
Free cash flow HY 2025 HY 2024 HY 2025 (in € million) Normalised EBIT 9 (5) Depreciation & amortisation 92 96 Capex (50) (48) FY assumption: above last year (FY 2024 €99m Lease payments and (38) (39) related cash flow Change in working capital (51) (74) Includes phasing effects throughout the year C
Slide 29: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income PostNL (in € million) Q2 2024 Q2 2025 HY 2024 HY 2025 Operating income / EBIT 15 (26) (6) (43) Net financial expenses (2) (3) (2) (8) Results from investments in JVs/associates 0 0 0 0 Income taxes (4) 3 (2) 8 Profit/(loss) from discontinued operations 0 2